By Aleesia Forni
Virginia Beach, Aug. 13 – Kansas City Power & Light Co. sold $350 million of 3.65% 10-year notes (Baa1/BBB+) on Thursday at Treasuries plus 150 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The issue priced at 99.644 to yield 3.693%.
Price guidance was in the Treasuries plus 155 bps area following initial talk in the Treasuries plus 160 bps area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds will be used to repay outstanding commercial paper, to purchase two series of certain tax-exempt bonds and for general corporate purposes.
The electric utility is based in Kansas City, Mo.
| Issuer: | Kansas City Power & Light Co.
|
| Amount: | $350 million
|
| Description: | Notes
|
| Maturity: | Aug. 15, 2025
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities LLC
|
| Coupon: | 3.65%
|
| Price: | 99.644
|
| Yield: | 3.693%
|
| Spread: | Treasuries plus 150 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to May 15, 2025, then callable at par
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 155 bps area, tightened from Treasuries plus 160 bps area
|
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